Olin Co. (NYSE:OLN) Sees Significant Growth in Short Interest

Olin Co. (NYSE:OLN) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 14,703,200 shares, an increase of 65.5% from the July 31st total of 8,882,400 shares. Currently, 9.0% of the shares of the stock are sold short. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is presently 6.3 days.

Several equities analysts have recently weighed in on OLN shares. Morgan Stanley downgraded shares of Olin from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $33.00 to $23.00 in a research note on Friday, July 19th. Barclays reissued a “hold” rating and issued a $22.00 price target on shares of Olin in a research note on Sunday, August 4th. Bank of America reissued a “buy” rating and issued a $22.00 price target (down from $29.00) on shares of Olin in a research note on Friday, August 16th. Finally, Royal Bank of Canada decreased their price target on shares of Olin to $19.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $26.73.

In related news, Director Heidi S. Alderman acquired 2,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The shares were acquired at an average cost of $16.69 per share, with a total value of $33,380.00. Following the completion of the acquisition, the director now directly owns 2,000 shares in the company, valued at approximately $33,380. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Vince J. Smith acquired 5,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $85,000.00. Following the completion of the acquisition, the director now owns 37,304 shares of the company’s stock, valued at $634,168. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 23,080 shares of company stock worth $372,710. Insiders own 1.90% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Coastal Investment Advisors Inc. increased its position in shares of Olin by 334.1% during the second quarter. Coastal Investment Advisors Inc. now owns 3,490 shares of the specialty chemicals company’s stock valued at $76,000 after acquiring an additional 2,686 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Olin by 59.1% during the second quarter. Advisory Services Network LLC now owns 2,053 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 763 shares during the last quarter. New York State Teachers Retirement System increased its position in shares of Olin by 8.0% during the first quarter. New York State Teachers Retirement System now owns 151,781 shares of the specialty chemicals company’s stock valued at $3,512,000 after acquiring an additional 11,300 shares during the last quarter. Royce & Associates LP increased its position in shares of Olin by 30.1% during the first quarter. Royce & Associates LP now owns 302,916 shares of the specialty chemicals company’s stock valued at $7,009,000 after acquiring an additional 70,000 shares during the last quarter. Finally, ARP Americas LP acquired a new stake in shares of Olin during the first quarter valued at about $285,000. 91.21% of the stock is currently owned by institutional investors.

Shares of NYSE:OLN traded up $0.08 during midday trading on Friday, hitting $18.80. The company’s stock had a trading volume of 146,394 shares, compared to its average volume of 2,593,133. The business’s 50 day simple moving average is $17.75 and its 200 day simple moving average is $21.36. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.98 and a current ratio of 1.64. The company has a market cap of $3.11 billion, a P/E ratio of 10.80, a price-to-earnings-growth ratio of 1.03 and a beta of 1.58. Olin has a 12-month low of $15.38 and a 12-month high of $29.94.

Olin (NYSE:OLN) last issued its earnings results on Wednesday, July 31st. The specialty chemicals company reported ($0.01) EPS for the quarter, hitting analysts’ consensus estimates of ($0.01). Olin had a net margin of 4.06% and a return on equity of 7.82%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the firm earned $0.35 earnings per share. Olin’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, sell-side analysts predict that Olin will post 1.04 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Shareholders of record on Friday, August 9th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date of this dividend was Thursday, August 8th. Olin’s dividend payout ratio (DPR) is presently 45.71%.

About Olin

Olin Corporation manufactures and distributes chemical products in the United States and internationally. It operates through three segments: Chlor Alkali Products and Vinyls; Epoxy; and Winchester. The Chlor Alkali Products and Vinyls segment offers chlorine and caustic soda, ethylene dichloride and vinyl chloride monomers, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, trichloroethylene and vinylidene chloride, hydrochloric acid, hydrogen, bleach products, potassium hydroxide, chlorinated organics intermediates and solvents, and sodium hypochlorite.The Epoxy segment provides allyl chloride and epichlorohydrin, as well as acetone, bisphenol, cumene, and phenol for use in resins and other plastic materials, water purification, and pesticides, as well as for the manufacturers of polymers; liquid and solid epoxy resins that are used in adhesives, paints and coatings, composites, and flooring; and differentiated epoxy resins for use in electrical laminates, paints and coatings, wind blades, electronics, and construction, as well as offers additives.

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